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Musk renews effort to buy Twitter

Added 10-05-22 12:37:03am EST - “Tesla and SpaceX founder Elon Musk has revived his $44 billion dollar offer to buy Twitter, months after previous negotiations soured” - Rt.com

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Posted By TheNewsCommenter: From Rt.com: “Musk renews effort to buy Twitter”. Below is an excerpt from the article.

Tesla and SpaceX founder Elon Musk has revived his $44 billion dollar offer to buy Twitter, months after previous negotiations soured and prompted the social media giant to sue in an effort to force the massive purchase. 

Musk reiterated his proposal in a letter to Twitter on Tuesday – also filing a document with the Securities and Exchange Commission (SEC) declaring his intent to buy the company – suggesting they stick with an initial deal struck last April for $54.20 per share. 

While Twitter later responded that it still hoped to finish the transaction on its original terms, it did not say whether it would drop its lawsuit against Musk, which was launched in July after the billionaire said he was abandoning plans to buy the company amid a dispute over how many bot and spam accounts are active on the site. The legal action seeks to compel Musk to go through with the deal, accusing him of acting in “bad faith” during negotiations and making a “public spectacle” out of the sale.

According to an internal message obtained by CNN, Twitter General Counsel Sean Edgett told employees that the company would go through with the agreement at $54.20 per share.

“I will continue to keep you posted on significant updates, but in the meantime, thank you for your patience as we work through this on the legal side,” he told staffers.

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